The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the country earned over $831.14 billion in revenue from the oil and gas sector between 1999 and 2023.
NEITI’s Executive Secretary, Ogbonnaya Orji, disclosed this on Monday while addressing the Senate Committee on Public Accounts. He also emphasized the urgent need for $20 billion annually over the next decade to develop Nigeria’s gas infrastructure.
Despite the substantial revenue, crude oil theft has remained a major challenge, with an estimated 701.48 million barrels lost since NEITI began tracking in 2009. Additionally, Orji revealed that $6.1 billion in outstanding revenue from royalties remains uncollected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS).
On the solid minerals sector, NEITI reported that it contributed ₦1.56 trillion to government revenue between 2021 and 2023. However, it still accounts for less than 1% of Nigeria’s GDP. The agency called for a review of the Solid Minerals Act to enhance operations, similar to how the Petroleum Industry Act (PIA) was enacted to address challenges in the oil and gas sector.
Expressing concerns over the PIA’s implementation, Orji stated that the absence of a clear strategy has led to weak oversight of industry operations. He urged the government to revisit the framework set up under the previous administration to ensure proper execution.
Meanwhile, the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada, has announced plans to hold a public hearing on revenue generation by agencies such as the NNPC Limited, FIRS, and NUPRC.
